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A Reexamination of Corporate Governance and Equity Prices
Johnson, Shane A. - 2011
We reexamine long-term abnormal returns for portfolios sorted on governance characteristics. Firms with strong shareholder rights and firms with weak shareholder rights differ from the population of firms and from each other in how they cluster across industries. Using well-specified tests under...
Persistent link: https://www.econbiz.de/10013134103
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A Reexamination of Corporate Governance and Equity Prices with Updated and Supplemental Results
Johnson, Shane A. - 2011
We reexamine long-term abnormal returns for portfolios sorted on governance characteristics. Firms with strong shareholder rights and firms with weak shareholder rights differ from the population of firms and from each other in how they cluster across industries. Using well specified tests under...
Persistent link: https://www.econbiz.de/10013134363
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The Market for Corporate Control and Stock Price Crash Risk, Revisited
Ni, Xiaoran; Wang, Ye (Emma); Yin, David - 2021
risk. Using a newly-developed takeover index from Cain, McKeon, and Solomon (2017) that comprehensively considers existing … state takeover laws, federal statutes, and state court standards of review along with a list of firm-specific and economic … variables, we find external takeover susceptibility reduces firms’ future stock price crash risk. This evidence is consistent …
Persistent link: https://www.econbiz.de/10013211482
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Investor Activism and Mergers and Acquisitions (M&A)
Singh, Akshay - 2016
This study analyzed activism that leads to a merger or acquisition (M&A) of a firm to see its benefits for the shareholders at the target firm as well as its acquirer. It used over thirty years of data to understand the impact of the activists’ demands of strategic significance for the firms....
Persistent link: https://www.econbiz.de/10014034757
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Shareholder Wealth Effects of Corporate Governance Deficiencies on Nasdaq
Frost, Carol Ann - 2017
The Nasdaq Stock Market's enforcement activities offer a unique setting for investigating the consequences of changes in corporate governance as evidenced by deficiency notices. We document significant negative abnormal returns in response to Nasdaq deficiency notices for audit committee and...
Persistent link: https://www.econbiz.de/10012972580
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Do Wealth Creating Mergers and Acquisitions Really Hurt Acquirer Shareholders?
Masulis, Ronald W. - 2012
We examine the expected economic benefits of mergers and acquisitions. We conclude that both signaling and revelation biases are responsible for the commonly reported finding that on average takeovers are harmful to bidder shareholder wealth. After accounting for these two biases that lead to a...
Persistent link: https://www.econbiz.de/10013115049
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Impact of Mergers and Acquisitions on Returns to Shareholders of Acquiring Firms : Indian Economy in Perspective
Rani, Neelam - 2012
The paper examines the returns to shareholders of acquiring companies in India during the period 2003-08. The abnormal returns due to the announcement of mergers and acquisitions (M&A) and return on equity funds five years before and after M&A have been examined. The study also performs a...
Persistent link: https://www.econbiz.de/10013099698
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Rumortrage : Can Investors Profit on Takeover Rumors on Internet Stock Message Boards?
Bettman, Jenni L. - 2014
We provide the first empirical investigation into the impact of Internet Stock Message Board takeover rumors on the … takeover rumors disseminated during the period January 2003 to December 2008, inclusive. Overall, our analysis, utilizing … intraday Trade and Quote (TAQ) data, reveals that Message Board takeover rumors generate significant positive abnormal returns …
Persistent link: https://www.econbiz.de/10013069468
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Value Relevance of Mergers Blocked by Shareholder Lawsuits According to the German Stock Corporation Act : An Event Study
Labrenz, Helfried - 2014
This paper analyses lawsuits against shareholders' resolutions according to the German Stock Corporation Act (AktG) and the German Reorganisation Act (UmwG). A merger passed at the General Annual Meeting will not move forward as long as any lawsuit is pending with a court. In particular, mergers...
Persistent link: https://www.econbiz.de/10013058808
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Stock Market Prices and the Market for Corporate Control
Armour, John - 2015
The manner in which hostile takeovers have historically been executed has just begun to receive serious academic attention. Similarly, while the literature on the accuracy and determinants of share prices is voluminous, there has been little systematic historical analysis of when and how modern...
Persistent link: https://www.econbiz.de/10013017336